SNET Finalises the Sale of Its Stake in Sechilienne-Sidec for Euro 104 Million
30 September 2005 - 12:26AM
Business Wire
ENDESA (NYSE:ELE): -- Sechilienne-Sidec produces electricity and
steam at thermal plants that use coal and sugar cane waste on the
islands of Guadalupe and Martinique in the Caribbean and Reunion
and Mauritius in the Indian Ocean. -- The gross capital gain from
the sale amounts to Euro 68 million. -- The sale forms part of
ENDESA's policy of disposing of non-core assets. ENDESA's
(NYSE:ELE) 65% owned French subsidiary, SNET (Societe Nationale
d'Electricite et de Thermique), has finalised the sale (dated 21
September) of its 23.62% shareholding in power generator
Sechilienne-Sidec to UK-based fund manager Ecofin Limited for Euro
103.6 million, or Euro 320 per share. The gross capital gain from
the sale amounts to Euro 68 million. On 12 July, SNET and Ecofin
Limited signed an agreement under which Ecofin would acquire the
French company's stake in Sechilienne-Sidec. Sechilienne-Sidec
produces electricity and steam at thermal plants that use coal and
sugar cane waste on the islands of Guadalupe and Martinique in the
Caribbean and Reunion and Mauritius in the Indian Ocean. It also
develops wind energy in France. The sale forms part of ENDESA's
policy of disposing of non-core assets. This document may contain
certain forward-looking statements regarding anticipated financial
and operating results and statistics that are subject to risks and
uncertainties as well as to material risks, changes and other
factors which may be difficult to predict, including, without
limitation, those factors described in the Documento de Registro de
Acciones of Endesa filed within the Comision Nacional del Mercado
de Valores and in the Form 20-F of Endesa filed within the
Securities and Exchange Commission, both for the fiscal year ended
December 31, 2004. For all of these forward-looking statements, we
claim the protection of the safe harbour for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995.
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